Uralkali Drops to 6-Week Low as VTB Cuts Target Stock Price

OAO Uralkali, Russia’s second- largest potash producer, fell 1 percent toward its lowest closing price in six weeks as VTB Capital Russia cut its target price for the stock.

Uralkali dropped 1.23 rubles to 128.10 rubles at 2.41 p.m., heading for what would be the lowest close since Nov. 3.

VTB reduced its 12-month target price on Uralkali by 5 percent to reflect its lower projection for potash prices in China, a benchmark for global prices. VTB Capital analyst Elena Sakhnova kept a “buy” recommendation on the stock, according to a report emailed today.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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